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LME copper rose slightly on Monday, and as of 15:00 Beijing time, the three-month London copper was quoted at $6161.
5 / ton, up 0.
30%
on a daily basis.
The main 2002 contract of Shanghai copper fluctuated slightly, with the highest 49210 yuan / ton and the lowest 48690 yuan / ton within the day, and the closing price of 49100 yuan / ton, 0.
18% higher than the closing price of the previous trading day; The trading volume was 273,300 lots, an increase of 3,168 lots per day, and the position was 279,700 lots, a decrease of 512 lots
per day.
The basis narrowed to -435 yuan/ton; The price difference of Shanghai copper in 2001-2002 narrowed to -160 yuan / ton
.
Market focus: (1) Through the joint efforts of the economic and trade teams of China and the United States, the two sides have reached an agreement on the text of the first phase of the Sino-US economic and trade agreement
on the basis of the principles of equality and mutual respect.
Spot analysis: On December 16, spot 1# electrolytic copper was quoted at 48560-48770 yuan / ton, with an average price of 48665 yuan / ton, down 280 yuan / ton
per day.
The actual transaction performance was difficult, so the holders took the initiative to sharply reduce the quotation again, and the downstream was normal and rigid during the day, but the widening of the spread made the quotation discount expand the next month, traders inquired actively, and the market trading performed reasonably well at the time of the big discount
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts on Monday was 60,496 tons, an increase of 1,521 tons per day; On December 13, LME copper stocks were 171,800 tons, a daily decrease of 4,025 tons, and a decline of 16 consecutive days
.
In the week ended December 13, copper cathode stocks on the Shanghai Futures Exchange were 117245 tons, a weekly increase of 4,578 tons
Main positions: the top 20 long positions of Shanghai copper main 2002 contract were 90447 lots, minus 353 lots per day, short positions were 102992 lots, daily increase of 724 lots, net short positions were 12545 lots, daily increase of 1077 lots, more short increases, net space increased
.
Market research and judgment: On December 16, the main force of Shanghai copper in 2002 rose slightly
.
China and the United States reached an agreement on the text of the first phase of the economic and trade agreement, which is beneficial to China and the United States and the global economy, market confidence has been boosted, while the Brexit situation is further optimistic, the pound sterling has risen sharply, the US dollar has been suppressed, and the marginal improvement of downstream demand, the recent copper inventory continues to deteriorate, copper prices are strong, but affected by the Sino-US phase one agreement has not yet been signed, there are still some thorny problems between the two countries, and in the short term, copper prices are partially pressured
.
In terms of spot, the actual transaction performance is difficult, so the holders once again took the initiative to sharply reduce the quotation, the downstream is normal just demand, traders are active in inquiry, and the market trading performance is acceptable when the big discount is over
.
Technically, the Shanghai copper main 2002 contract is long and the lower shadow, focusing on the support of the 48800 position below, and it is expected that the short-term shock will be strong
.
